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What is the Generation Skipping Tax?

April 26, 2017generation skipping tax

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What is the Generation Skipping Tax?

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A transfer of funds or a change in beneficiary may be subject to the Generation Skipping Tax (GST) if the new beneficiary is two or more generations below the prior beneficiary. If the transfer is subject to GST, tax is imposed on the prior beneficiary. Account owners should consult their own tax advisors for guidance when considering a change of beneficiary or a transfer to another account.

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Transfer of funds or a change in beneficiary is subject to the Generation Skipping Tax (GST) if the new beneficiary is two or more generations below the prior beneficiary. If transfer is subject to GST, tax is imposed on the prior beneficiary. Account owners should consult their own tax advisors for guidance when considering a change of beneficiary or a transfer to another account.